A Trust deed Scotland may be subdivided into the protected trust deed or the voluntary trust deed. You are required to fully understand the differences in these two types of trust deeds. This information may come in handy at some point in life.
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Protected trust deeds

This is an arrangement that is overseen by an accountant in bankruptcy wherein a debtor sets up a trust in favour of his creditors and then transfers his property also called their estate to a trustee. A protected trust is a binding contract for all the creditors involved. The contract protects you from any lawsuits or any other kind of action by the creditors to make you compliant. This however is contingent to the fact that you should be fully compliant with the set terms, rules and conditions. It also prevents any attempt by the creditors to defraud the debtor or make him bankrupt.

The debtor himself is bound by the terms and cannot file for bankruptcy. If you acquire new debts during the execution of the deed, the deed will not protect you from those new creditors. Therefore if they seek to take you to court, you will not be protected by the deed. It will also not protect you if they take action to make you bankrupt.

Voluntary deed

In this kind of deed, the creditors are not bound unless they fully agree to the terms that are contained in the deed. Therefore, if they feel that they are threatened in any way by the trust deed, they will not agree to enter into any deal. Once they have agreed and signed the deed, it becomes protected and all the rules become binding.

Factors to consider before you enter into a deed

You should first make sure that you understand the extent of the consequences that will arise from signing the trust. This includes the money you are committing, the consequences of default on payment, the level of clarity of all the terms and any other condition. If any section is not clear, ensure that you consult an expert on trusts for advice.

You should also ensure that you do not contravene any employment contract that is active. This may reduce your chances of getting out of debt as it may cut off some of the sources of revenue. In addition, you need to understand the scrutiny that you will be under during the execution of the deed.

The extent to which the fees payable to the trustee affect your debts should also be considered. Practitioners whose cost schedules are favourable should thus be sought out. This prevents worsening of the situation by incurring extra debt. Besides this, you should be able to get all the help you can from the practitioner including negotiations with creditors, advice on necessary courses of action and any other issue that may arise.

A trust deed calculator will help you determine the levels of payments that will be required to be remitted monthly. This will either be the minimum amount payable on a regular basis or a standard amount. This will highly depend on the level of debts you are in. The calculator only requires certain information and it will provide details on required amounts.

Merging your bank statements can be a frustrating but enlightening process but SIMPLEFS can help. You will most probably discover many fees charged to your account by the bank and start cursing the bank for robbing you blind. If you are unsatisfied with the fees charged to your account take action by learning how to get bank charges back.

Types

Many people are aware of overdraft fees, but sadly even if your check never bounced you can still be charged fees for other things such as:

Dropping below account minimums

Having too many transactions

Not having enough transactions

Those are some of the few things that can attract bank charges. The good news is that you can claim back bank charges. If you have a good banking history or if the fees are not as a result of your mistakes, you can convince the bank to reverse the charges.

Claiming Back Bank Charges

To reclaim bank charges pay the bank a visit. Carry the statement that shows the charges in question and any other supporting documents which show that you are not responsible for the charges. If you have a long-term personal relationship with the bank manager or bank personnel you stand a higher chance of getting the fees reversed.

Tell the bank representative that you are inquiring about certain fees on your account. Submit your statement and explain yourself. Maybe the bank had never properly informed you of some bank policy changes or there was an error with a deposit you made that attracted the fees. Make it known to the bank personnel that it is not your mistake that led to the charges.

If you have any supporting documents give them to the bank representative. Supporting documents include ATM receipts, deposit slips and withdrawal slips. The deposit slip might show a different value to that on the statement. This might mean that an error was made when the bank reconciled teller transaction sheets.

Request a reversal of fees together with the interest they could have accrued between the time they were charged and when you are making the claim. If the fees are a result of recent changes the representative may reverse the fees. Though this can only be done once since from that moment onward you will be aware of the changes. That’s how to claim bank charges back. Sometimes you might not be successful, but if the fees are hefty, it wouldn’t hurt to try.

Individual Voluntary Arrangements, or IVA, are an alternative to bankruptcy. It is an official agreement made between the person who owes money and his or her creditors. An iva is usually seen as a better option than bankruptcy. In this agreement the person in debt makes regular payments that are then divided between all the creditors. There are both advantages and disadvantages to Individual Voluntary Arrangements.

The Pros of An IVA

An IVA Calculator and how it really works can relieve the stress associated with debts. An insolvency practitioner is involved in the agreement and payments will be made through the IP. The IP deals with your creditors and you will not have to be in contact with them anymore. They are not allowed to call you or send letters or emails, and they cannot take any more legal actions against you after the agreement has been made.

You will only make an affordable monthly payment. A percentage of the debt is written off. You agree to make a regular payment to the IP who will divide the sum between the creditors. You do not have to pay more interest or new unexpected charges: you will simply pay a fixed monthly sum to the IP. You will not lose your home and you can often keep other assets too.

If you keep up with the payments, an IVA usually ends after 5 to 6 years and you will be free of debt. If your circumstances change, the agreements are usually flexible. The IP can give advice about changes due to new financial circumstances.

The Disadvantages of IVAs

There are some disadvantages to an Iva. An IVA will affect your credit record. It will remain in your record for years and although a better option than bankruptcy, it will affect your ability to borrow money in the future. IVAs are public information and anyone can find out this information about you, including employers and banks.

Not everyone is qualified for an IVA and it may not be the best solution for every person. Creditors do not have to accept the application for a voluntary agreement. Although most people would prefer a voluntary agreement to bankruptcy, there are other options that may be more suitable if your debts are small. It is best to talk to a professional independent adviser or read as much as you can about IVAs before deciding if it is the best option for you.